India’s super-rich are increasingly inclined towards migrating abroad, with an intention to get permanent residency while retaining their Indian citizenship, according to a survey by Kotak Private Banking, a division of Kotak Mahindra Bank.

One in five ultra-high-net-worth individuals (ultra-HNIs) surveyed are either in the process of migrating abroad or planning to do so, according to the findings published in Top Of The Pyramid India: Decoding The Ultra HNI.

The report classifies an ultra-HNI as someone with assets or a net worth more than Rs25 crore (about $30 million).

Among these super-rich Indians, professionals have a higher inclination towards moving abroad when compared with entrepreneurs or inheritors. Moreover, ultra-HNIs within the age groups of 36-40 years and 61 years and above are more likely to migrate than their peers.

Why are the ultra-rich Indians migrating?

The main driving factors for these migration decisions include aspirations for an improved standard of living, better healthcare services, enhanced educational opportunities, and a more desirable lifestyle.

Ultra-HNIs are attracted towards countries that provide favorable legal and taxation policies, accessible global mobility, and business environments conducive to growth, the report shows.

Particularly popular among ultra-HNIs are residency through investment programs, which are commonly referred to as Golden Visa programs.

These programs allow individuals and their families to get long-term residency in exchange for passive investments with minimal physical presence requirements.

Some of these programs popular among ultra-HNIs are the US’ EB-5 Visa, Portugal’s Golden Visa, and Canada’s Start-up Visa.

However, the UAE’s Golden Visa remains especially attractive to Indian ultra-HNIs, as it offers residency benefits along with tax advantages, a thriving property market, and proximity to India.

While less common, some ultra-HNIs opt for citizenship by investment programs, which gives full citizenship and other rights, such as allowing to vote, in the host country. However, this option is less favored because it requires to give up Indian citizenship.

Foreign education gains traction

Educational aspirations for the children of ultra-HNIs are also a deciding factor influencing migration.

According to the survey, 44% of ultra-HNIs planning to migrate said better educational opportunities was the main reason to choose foreign education. This shows that ultra-HNIs want to seek access to prestigious international institutions known for academic excellence, advanced research facilities, and diverse learning environments.

Additionally, migration for education purposes is gaining traction among Indian students.

Last year, about 1.33 million left India to pursue studies abroad. Gaining practical experience, settling abroad, and improving their career prospects are some of the appealing reasons to pursue foreign education.

North America continues to be a popular destination, especially the US, despite its high costs.

The strong reputation of US universities, particularly for STEM education, continues to draw Indian students.

While Canada is a more affordable option, a recent diplomatic standoff with India has discouraged some ultra-HNIs.

The UK, Canada, and Australia have also introduced stricter policies for international students, which has reduced demand. Despite these challenges, studying abroad remains a major factor in building India’s skilled workforce.

Foreign family offices

As Indian ultra-HNIs seek ways to invest and grow their wealth globally, foreign family offices are also becoming more important. These offices help them understand different investment options, rules, and tax systems.

They also connect ultra-HNIs with valuable networks of investors, lawyers, and banks, which helps them expand their businesses, set up trusts, and form partnerships.

At the same time, more Ultra-HNIs are creating Family Offices within India, especially in GIFT City, to combine local expertise with their global plans.